Rockville, MD., July 29, 2024 (GLOBE NEWSWIRE) -- Revenue from the global Polyethylene Furanoate (PEF) Market is expected to reach US$ 39.7 million in 2024, as revealed in the recently updated industry analysis published by Fact.MR, a market research and competitive intelligence provider. The PEF market has been evaluated to expand at a CAGR of 8.3% from 2024 to 2034.
Governments in countries such as the United States, China, India, and Japan, to name a few, are implementing stringent regulations and policies for promoting the use of sustainable materials, including polyethylene furanoate, in several industries. Many countries have put restrictions on the use of single-use plastics, which is driving the demand for biodegradable alternatives, and polyethylene furanoate fits the bill well. Various government bodies are offering subsidies and financial incentives to companies adopting sustainable materials and practices, thereby encouraging the consumption of polyethylene furanoate.
On the flip side, the expensive and complex production procedure of polyethylene furanoate compared to traditional plastics is limiting its demand growth. Raw materials utilized in producing PEF, such as corn or sugarcane starch, etc., are a bit costly, compared to materials consumed in producing conventional plastics.
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Key Takeaway from PEF Market Study:
- The global market for polyethylene furanoate is analyzed to reach a value of US$ 88.2 million by 2034.
- East Asia is calculated to hold 28.1% of the global PEF market share by the end of 2034.
- Demand for polyethylene furanoate in Canada is projected to accelerate at a CAGR of 8.7% from 2024 to 2034.
- Sales of PEF in South Korea are forecasted to climb at 10.2% CAGR from 2024 to 2034.
- Worldwide demand for plant-based polyethylene furanoate is approximated to increase at a CAGR of 8.5% and reach a market worth of US$ 37.4 million by the end of 2034.
- Fibers are evaluated to capture 39.5% share of global market revenue by 2034-end.
“Rising need to minimize dependency on fossil fuel resources and awareness about environmental footprints are leading to the development of bioplastics such as polyethylene furanoate,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Polyethylene Furanoate (PEF) Market:
Some of the prominent manufacturers of polyethylene furanoate operating in the industry are Avantium N.V., Toray Industries Inc., AVA Biochem AG, Gevo, Inc., WIFAG-Polytype Holding AG, Corbion, Mitsui & Co., Ltd., Swicofil AG, TOYOBO CO., LTD., and Alpha.
Rising Consumption of Polyethylene Furanoate in Manufacturing 100% Recyclable Fibers
Worldwide sales of polyethylene furanoate for use in fibers are forecasted to accelerate at 8.5% CAGR and reach US$ 34.9 million by the end of 2034. Fibers manufactured from PEF offer superior characteristics such as moisture barrier, excellent thermal stability, and lightweight, and are also 100% recyclable. As such, there has been an increase in the demand for PEF-based fibers for producing bio-based T-shirts. Furthermore, these fibers are also used for wrapping purposes for several industrial products such as cement, pesticides, fertilizers, and many others.
Polyethylene Furanoate (PEF) Industry News-
Avantium, a Dutch biochemical company, in 2020, raised funds for its campaign for converting sustainably cultivated crops into plastic based on plants. Many companies, including Coca-Cola, Carlberg, Danone, etc., took interest in this initiative. This initiative is helping the company increase its reach in the abovementioned brands offering PEF solutions.
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Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Type:
- Plant-based
- Bio-based
Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Application:
- Fibers
- Bottles
- Films
More Valuable Insights:
Fact.MR, in its new offering, presents an unbiased analysis of the polyethylene furanoate market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on type (plant-based, bio-based) and application (fibers, bottles, films), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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